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20121205
20121213
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mcconnell when back-and-forth on fiscal cliff issues and a proposal to raise the debt ceiling. here is part of their exchange. >> yesterday afternoon, i came to the floor and offered president obama's proposal on the fiscal cliff to show that neither he nor democrats in congress are acting in good faith in these negotiations. with just a few weeks ago before a potentially entirely avoidable blow to the economy, the president proposed a plan the members of his own party will even vote for. he is not interested in a balanced agreement, not particularly interested in avoiding the fiscal cliff, and clearly not interested at all in cutting any spending. with the president is really in, as we learned just yesterday, is getting as much taxpayer money as he can, first by raising taxes on small businesses who he believes are making too much money, and then on everybody else. not so he can lower the debt or the deficit, but so he can spend to his heart's content. for months, the president has been saying that all he wanted to raise taxes on the top 2% so he can tackle the debt and the deficit. howeve
a fewtoday we are going to talk about three issues briefly. one is that fiscal cliff, to is the debt ceiling. three is the so-called big deal that has to be done on our debt and deficit. unfortunately those issues, convoluted, especially in this town. they are distinct. the impact each other but they are distinct. this fiscal cliff is an artificial state. congress came in, said this law expires on this date. they extended it wants. they put in the sequestration. it is a date. all they have to do is extend the date and allow themselves time to discuss the issues. instead they are putting it all into a lame duck session. that is a problem. sometimes it leads to bad policy. the fiscal cliff can have real consequences. cbo has said that it would cause a recession if we were to go off the fiscal cliff. i do not dispute that i do point out that in 1993 when these taxes were first put in, many said they will cause a recession. they did not. the economy is improving on its own right now. and getting some much stronger. the impact of the fiscal cliff, while not something to be encouraged, may not be
to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest bang for the buck in terms of economic impact of those that we are discussing here today? >> it is a given that we will extend the current tax rates for taxpayers that make less than $250,000 on an annual basis. that is absolutely necessary. when you consider the other things that are happening -- in terms of the bang for the buck, the emergency unemployment insurance program is very effective. it is small in the grand scheme of things. cbo is estimating it would costs per calendar year about $33 million. but the economic to bitty for job growth compared to the unemployment rate would be measurably more than that -- for the economic une
: if this is not addressed in the fiscal cliff debate, will it come up in the debt ceiling debate? guest: all of this depends on how the fiscal cliff sorts itself out. yesterday, you have senators say we want on income benefits extended. if the fiscal cliff debate is only limited to tax rates and deficit reduction, and not the debt ceiling, this will come up again. president obama once the debt ceiling to be part of this agreement. the reason why is simple, because that is where republicans have leverage in february. he needs republicans to extend the debt ceiling for the government to function with all going into default. republicans know this, and in theory they could separate the two to maximize their leverage. host: time for a couple more calls in this segment of the "washington journal," we will continue the unemployment insurance discussion in the following segment. laura is in louisville, kentucky, on the independent line. caller: good morning. what bothers me is when people say they actually can not find work and they have been on unemployment for 20 months, whatever they can get, and i will tell you
to the rest. >> right now we are facing a fiscal cliff. last year we were facing the debt ceiling. before that, we were looking at several potential government shutdowns. at a different level, the appropriations process has not worked as intended for years. neither has the budget process. it seems like abnormal is the normal. that type of activity in this situation where we are already looking ahead to the next potential showdown, as he suggested, with the next debt ceiling altercation, this creates uncertainty, which is not good for the private sector and certainly is not good for the federal government in terms of its ability to function in a normal way. how can congress break out of this? >> do what we are hired to do and to appropriations in a timely manner. in virginia, we have a lot of defense contractors very concerned about sequester. many of them say, warner, warner, do simpson-bowles. everyone supports it, but no one has read it. but the top line numbers are almost the same -- next time you do a default, do not make it so awful. putting a gun to your forehead -- that is what you have
-term issue about reducing the deficit and the debt and the current issue is the fiscal cliff. that would be the worst fiscal policy put in place since the great depression when we put an austerity policy in place to send and through the country back into recession. the idea that we have got into a debate as to how to reduce the deficit is wrong. we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct?
tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be spending less. that would not be good for businesses. i do not think that is quite to happen. -- going to happen. host: caller, last word with
reducing the deficit and the debt and the current issue is the fiscal cliff. that would be the worst fiscal policy put in place since the great depression when we put an austerity policy in place to send and through the country back into recession. the idea that we have got into a debate as to how to reduce the deficit is wrong. we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fund
discussing hopefully some of these issues. [inaudible] >> the short run problems of the fiscal cliff, but we're going to do with this debt and deficit issue and take time to summarize how we should look at these issues. i will start with david on the far side and move right across. >> thank you for coming. first, there are common denominators between the challenges at the federal, state, and local levels. some are inadequate but the controls, escalating health care costs, huge unfunded and off balance sheet obligations and outdated tax systems. other factors -- demographics, and infrastructure, state of the infrastructure, etc. with regard to the federal government, there is a lot of attention on the so-called fiscal cliff. i think here everyone knows what that relates to. that is really more the system. it is not the disease. but washington typically does, it focuses on some things rather than the disease. we need to avoid the fiscal cliff. we need to recognize reality. there is only so much that can be done the balance of this year. we need to do a credible down payment and build a bridge
. we need to raise or eliminate the debt ceiling. we need to achieve fiscal sustainability. this needs to be a package. >> i agree. >> i want to thank both of you for your testimony. >> thank you very much. i appreciate your good work and your leadership. thank you for your testimony. i think we made in 90-minute meeting. that is pretty close. that is pretty good. i want to thank both of our witnesses again for their testimony. by the way, without objection, the full text of your opening statements will be in the record of this hearing. we're grateful because it is clear to most americans we do have a substantial challenge with regard to the cliff. we know if we do not take the right steps, it could jeopardize our economic recovery. we cannot afford to lose ground on the gains we have made. i am confident we can get this done. the congress of the united states can successfully reached the compromise we need to assign a path to fiscal stability. this is my last hearing. vice chairman brady mentioned it. i have enjoyed this work as chairman and as a member of the committee the last six y
to just worrying about the debt and the fiscal cliff and such. our program today, i am welcoming you. joan walker will welcome you as well. ed reilly will give the polling results, and ron brown will do the interview and then we will have a panel discussion. it will be a terrific day. please turn these babies off. again, welcome. joan walker is executive vice president of allstate. joan has been a terrific partner with us over the last four years. she is responsible for all relations for allstate. prior to joining that company, she did similar work with monsanto. she is a consummate marketing and communications strategist, which is what this town of washington is all about. that you very much, and welcome our friends here. [applause] >> ok, good morning, and thank you so much for that kind introduction. "the atlantic" and "national journal" have been terrific partners in this effort. i thank them very much for that, and many thanks to edward reilly, who will take us through the data today, and also for jeremy, an associate, who was the lead researcher on the poll. we have interviewed 25,00
to appoint -- agreement to avoid the fiscal cliff? >> this is serious fiscal and tax policy. it is about the economic future of our country and making sure this country continues to be the greatest economy and the greatest country in the world. it is not a game. i am with the president on this one. we saw the response of the market in august with the republicans were willing to go off of the fiscal cliff. some of them are saying it now, not paying on our debt and jeopardize the full faith and credit of the united states. this is not a game. if we do not pay our bills and pay our debt, we are going to see interest rates going up. it is not where you make the decision about spending and the budget. you have already made those decisions. this is just about paying the bills. he gets is serious in this country. we have to get the deficit under control and begin to pay down the that feed -- pay down the debt. the last thing we want to do to what is an economic recovery, but a fragile one, we cannot go back to threatening consumer investments for having the government failed to meet one of the
that in the summer of 2011, we nearly went over the fiscal cliff by not paying our debts. that caused our bonds to be downgraded because we had an element within the republican conference that was willing to take us to the cliff and hold us hostage. when you look back and see historically that the debt ceiling was raised 17 times, under ronald reagan and eight times under george h. w. bush canada seven times under bill clinton and six times under george w. bush, really it is honoring the full faith and credit of the u.s. government. , iaching that to a debt understand ideologically why people might want to do that, but why would you take the nation to this process? there was a passage of a special select committee. that select committee, if it did not respond with further cuts and tax increases, would seek a so-called sequestration comoe spending domestic and military spending. already in congress we obscene that while the cuts have been made on the military side, some would say there's more to come and on the domestic side and others would argue there's more to come there, the cuts have been s
-span web page dedicated to the fiscal cliff. the combined things related to the issues. it is all at cspan.or g/fiscalcliff we will have a discussion about change and how u.s. debt, economic growth, and retirement of baby boomers could lead to political and economic change. >> the house returns tomorrow. members will be coming in to consider defense department programs for next year. we will have live coverage of the house tomorrow at 2:00 eastern right here on c-span. >> i think people still love discovery. the ability to find surprises. every month or every year, people are suddenly talking about some show. you could've said to me, mike, i want you to choose honey boo boo, or a certain food channel network. i do not think if i had to determine that, i ever would -- at the ability to stumble on them, and then double around and that and find, i sort of like honey boo boo, that is a huge part of the american television experience. i think it is sold short when its techno ecstatic. i think a lot of americans love the enjoyment of escapism and passivity and being able to roam around the tv ju
turn to the rest. >> right now we are facing a fiscal cliff. last year we were facing the debt ceiling. before that, we were looking at several potential government shutdowns. at a different level, the appropriations process has not worked as intended for years. neither has the budget process. it seems like abnormal is the normal. that type of activity in this situation where we are already looking ahead to the next potential showdown, as he suggested, with the next debt ceiling altercation, this creates uncertainty, which is not good for the private sector and certainly is not good for the federal government in terms of its ability to function in a normal way. how can congress break out of this? >> do what we are hired to do and to appropriations in a timely manner. in maryland, we have a lot of defense contractors very concerned about sequester. many of them say, warner, warner, a nuisance and-bowles. -- do simpson-bowles. everyone supports it, but no one has read it. but the top line numbers are almost the same -- next time you do a default, do not make it so awful. putting a gun to
of santa barbara. we have gone over the fiscal cliff here in california. we are billions of dollars in debt. democrats and the labor unions are bankrupting this state. if the democratic party is so good, then why are we bankrupt? don't you think it's time the unions, instead of spending billions of dollars on political campaigns give that money back to the membership so they can maybe pay their own wages and tax bears and people like me that live on fixed incomes don't have to be taxed out of our homes and lose the money we have worked hard to make? guest: you have worked hard. number one, i cannot comment on the california situation. i just don't know enough about it. reports are that things are starting to turn around a little over there. it's tough to pass a budget if when you have the fiscal majority requirement. second, how we got here, it's not unions. wages for americans have been going down the past 115 years. people are not keeping up with inflation. the average american worker has taken a 2011 pay cut when you compare what they made 10 years ago to what they're making now. -- $200
up getting past this fiscal cliff by creating another one with the debt ceiling. the best way out -- we passed a bill yesterday on the floor, it passed 98-0. that does not make news. it came out of committee -- a defense authorization bill. you had a majority and minority that work together. all kinds of amendments that were agreed to and voted on. and it passed. that is what we have not been doing. we have had bills come out of both leader offices, airdrop on the floor, that are intended not to pass but to show differences. if we can just go through regular order, things would be just fine. >> they have regular order in the house. >> regular order in the house has not brought compromise. i would like to see things go to regular order. i am a big proponent of allowing them to work -- we do need to recognize that in the era of divided government, where you have one party in control of the white house and another in control of the house, you are going to have a lot of give and take. in that environment, commonplace is essential. if you go through the last campaign, it is not that bi
of santa barbara. caller: we are in california here. we have gone over the fiscal cliff here. we are billions of dollars in debt. democrats and the labor unions are bankrupting this state. so democrat parties are so good why are we bankrupt? don't you think it's time that the unions instead of spending billions of dollars on political campaigns, give that money back to the membership so they can pay their own way? and as taxpayers and people like me that live on a fixed income don't have to be taxed out of our homes and lose the money we work hard to make? host: mr. welch. guest: first of all you have worked hard and -- but a couple things. number one, i can't comment on the california situation. i just don't know enough about it. although the reports are things are starting to turn around a little bit there. and it's very tough to pass a budget when you've got that superis majority requirement. number two -- supermajority requirement. number two, how we got here, it's not unions. the wages for americans have been going down for the past 10, 15 years. people are not keeping up wi
that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve would response to this. we need to scale back from the cliff. at the very minimum, the cliff needs to be scaled back so it is only a hit to gdp at 1.5 percentage points at most. if you have more of a drive than that, it it becomes it. the economy will weaken. the budget deduction will deteriorate. we are seeing a fiscal drag in europe. i would ar
different issues. the president is address the fiscal cliff, we're dealing with the debt and deficit. this is not about getting through this next month, this is about trying to solve the issues that we face as a nation today and that is the debt and deficit that we face. the president is very fond of talk about the math. let me give you a few things dealing with the math. 2012 will be the third highest revenue receipt into the united states government ever in the history of our nation. the third highest revenue ever received in the hithsroif the united states is coming in in 2012. in this down economy, as paychecks are smaller, federal revenue continues to increase. the president is very focused on trying to get the clinton tax rates but he ignores the clinton level of spending. what we've got to address is a trillion dollar deficit here. if wrp back at the clinton level of spending this would solve the issue that we're dealing with today. so we've got to find a way to address the real driver and real issue that we're facing, that is the spending. until we address that, it's not goin
discover, is worry about the debt and the fiscal cliff. our program today, just briefly, others will talk, and we will give the polling results, and then a senior national journal member will have a panel discussion. it is a terrific day, i think. please turn these off. and, again, i welcome you. joan is the executive vice president of the country's largest insurance. you are in good hands with all state. joan has been a terrific partner. she is responsible of corporate relations for allstate. she did civil -- similar work with monsanto and others. she is a consummate marketing and communications strategist, which is what washington is all about, so thank you very much and welcome. [applause] >> ok. thank you. john, for that introduction. the national journal has been a terrific partner in supporting our work and the challenges that the american middle-class has been facing during this great recession, and i thank them for that. many thanks also to end, who will take us through the polling data to date -- many thanks take us through the polling data today, as well as one of his associates
discussions on the fiscal cliff and maybe the debt keeling and -- keeling -- ceiling and roll all this together. >> i don't think the debt creelhags a play in -- place in all of this. i think we continue the mcconnell rule which says the president sends over, 2/3 of the congress ons then that is overturned -- obtains then that is overturned so we -- objects then that is overturned. that is holding hostage anything for the future. there are two steps we need to take. one is now, which by passing the middle income tax cut, the decoupling of that from the high-end tax cut is a liberation in terms of discussion on how we go forward. a package that recognizes that we have to establish priorities, that means value some investments more than others and make cuts, and make sure that what we -- judgments we make on revenue and judgments we make on cuts are all in furtherance of growth. in our economy. i have confidence in the sense of responsibility all of our colleagues have to our country, that we'll be able to reach an agreement. and again, not to make it a too complicated -- a good fir
to the council of economic advisers. the last eight or nine -- specifically to the fiscal cliff. when brought business leaders from 32 different states, the white house, and the message they are giving was pretty consistent with simpson-bowles and fixed the debt and how the business voices have been characterized in the media. they are anxious and they want certainty as quickly as possible. they tend to use simpson-bowles as the frame of reference. the question is not which plan, republican of democratic, is better. it is which plan is closer to simpson-bowles and why. host: here is "the hill" newspaper. obama-friendly business group given greater access to the white house. guest: well, first of all we -- what we do is bring business leaders from around the country to brief the president and economic team on everything from health care reform to immigration reform. the fiscal cliff, intellectual property protection. and the business leaders are speaking for themselves. generally speaking, business leaders are centrist, the data driven, results oriented, and they are looking for compromise in
:30 eastern. you can see the house live when they return here on c-span. in the meantime while fiscal cliff negotiations continue, we hosted a roundtable discussion about the debt talks and domestic program cuts on this morning's "washington journal." can host: isabel sawhim and james capretta. mr. capretta, let me begin with you. are these sequester cuts devastating? guest: they would be deep cuts. 80% cut across the board is a very significant one-time cut for any program to sustain in the immediate year period. so they're not a good idea. would it be the end of the world? no. host: what do you mean by that? guest: there would be a downsizing of a lot of services across the government in terms of domestic accounts. so there would be fewer services being provided. there would be reduce in federal employees. some grant programs would take a haircut of 5%, 10%. so there would be some downsizing of the services that are provided by the federal government. but the economy would go on and the government would go on and the public would still continue to get by and large serviced. host: can agen
. how much of our discussion was not on the fiscal cliff, but actually the fact that what is really important here is avoiding the fiscal cliff, but using it as an opportunity to help address these huge fiscal issues. >> the group hamas "campaign to fix the debt," was co-founded by alan simpson and art singles, former coach fares on the fiscal commission for responsibility and reform. >> coming up next, governor's visit the white house, for meetings on the so-called fiscal cliff. and then remarks from congressman paul ryan and senator marco rubio from the kemp foundation awards dinner. >> this week on the c-span networks, hurricane sandy response and housing issues. wednesday, the fema administrator joins the housing secretary before the senate appropriations committee, to testify about hurricane recovery efforts. live coverage at 10:00 a.m. eastern on c-span 3. on tuesday, he secretary testifies on the federal housing administration and fiscal issues. see that live, starting at 10:00 a.m. eastern, here on c-span. [delaware runyan -- [bell ringing] >> follow harry truman's eldest gr
this fiscal cliff is his demands made for additional revenue without any commitment whatsoever to use that additional revenue to either pay down the deficits or the debt or to use it to shore up social security and medicare. the american people expect us to deal with this responsibly and not to suffer what some have estimated would be a 10% drop in the value of the stock market if we go off the fiscal cliff. and the president needs to reconsider what this might do not only to the hundreds of thousands of americans who would be put out of work and would be unnecessarily harmed but also what it would do to his second term in office given the damage it would do to the united states economy. >> how do you respond to those who say we don't have enough time to reform the tax code before the end of the year? what specifically are you looking for from the president for an agreement to avert the fiscal cliff? >> well, i've said repeatedly and i think most of my colleagues have said as well, and i'll say again, on the entitlement reforms that are needed to save medicare and social security, we
cliff and we shouldn't be having this debt ceiling every nine months that does not contribute to market stability. if we're going to have a $4 trillion deal we need certainty in the taxes and the entitlement spending side. both of those things need to happen. markets need to be able to look at it and say it is for certain. when we do look at federal health spending i would like to see a short-term and long-term approach here. on the short-term side of this, there is only one way to get this thing done, it seems to me by december 31 and have any kind of market credibility to it. it needs to be hard and fast so people can look at it, i can calculate it and be sure it is there. if it is raising the eligibility age. i think all of those should be discussed. this is not just a decade issue, this is a second and third decade issue. all of those things ought to be implied. echoing comments that a number of folks have made, there needs to a long-term approach here. just like we were talking about on taxes we need to do something that is going to create a better system over time. we need to do t
campaign for re-election, the president called for a balanced approach to solve the fiscal cliff crisis. unfortunately, the plan his administration submitted to congress does not include the spending cuts necessary to address our nation's $16 trillion national debt. according to the senate budget committee ranking member, jeff sessions, staff calculation of data from the congressional budget office and the office of management and budget, the president's plan suggests that roughly 75% of $1.2 trillion in new revenue be directed to new spending instead of deficit reduction. the fiscal cliff must be averted to protect our economy for future generations. yesterday, house speaker john boehner asked the president to identify specific cuts he's willing to make for a balanced approach. i hope the president will take immediate action so progress can be made for a bipartisan solution. in conclusion, god bless our troops and we will never forget september 11 and the global war on terrorism. the speaker pro tempore: the time of the gentleman has expired. the chair recognizes the gentleman from new
-- [inaudible] 53% of americans will blame republicans in congress if you go over the fiscal cliff. how long can you have that hard line on those making 250 and above. >> america faces a very serious problem and our goal is to make sure it gets solved. we have a debt problem that is out of control. we have got to cut spending and i believe it is appropriate to put revenues on the table. the receive news we are putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more -- more of their money to the federal government without raising the tax rates which we believe will harm our economy. [inaudible question] >> i think our members understand the seriousness of the situation that our country faces. trillion dollar deficits for as far as the eye can see. $16 trillion of debt on the books. every man, woman and child owing the american government $50,000 and that number is increasing every single year. as a result, our members understand that we've got to solve the problem, and we will. >> the house is going to
different groups to the white house to talk to the president's economic advisers. related to the fiscal cliff, the last eight or nine meetings. and business leaders representing 32 states we have brought to the white house. the message they're getting is pretty consistent with simpson- bowles and with fixing the debt and with how the business relationship is characterized in the media. they're anxious for debt deal, because they want certainty as quickly as possible. they tend to use simpson-bowles as their frame of reference. the question is not whether it's the democratic or republican plan is better, is which plan is closer to simpson-bowles. host: here is the hill newspaper -- guest: well, [indiscernible] what we do is bring business leaders from around the country to brief the president and his economic team, on health care reform to immigration reform, the fiscal cliff, intellectual property protection. and the business leaders are speaking for themselves. generally speaking, business leaders are centrists, data driven, results oriented. they are looking for compromise in washingt
Search Results 0 to 32 of about 33 (some duplicates have been removed)